According to figures released by National Bureau of Statistics (NBS), the world’s largest iron ore consumer and importer, China produced 1.23 BnT of crude iron ore (Run-of-Mine) in CY’17, up 7.1 % as against CY’16. Following downward trend from past two years, the 2017 output marked an increase owing to stronger demand especially for higher grade material.
However, monthly output recorded a decline of 0.4% in Dec’17 as against Nov’17 which stood at 109.66 MnT. On Daily basis, Dec’17 average ROM production stood at 3.52 MnT, down 3.6% as compared to Nov’17 at 3.66 MnT.
Domestic iron ore prices increased in China
Domestic iron ore prices in China increased in 2017. Price of domestic concentrate in Hebei province in China stood at RMB 730/MT including 17% VAT, towards end of Dec’17 which was RMB 655/MT in end of Jun’17.
China’s iron ore imports hit record high in CY17
Despite the steel production cuts, the country’s import of steel raw material increased by 8% in CY’17 to 1.075 BnT as against 1 BnT in CY’16.
Source Steel Mint powered by Keyvan Jafari Tehrani